Upbit, the largest South Korean exchange, has launched a reward system for users reporting multi-level fraudulent schemes related to cryptocurrencies and Initial Coin Offerings (ICO).
The system developed by Upbit is designed to “prevent damage from fraud, contributing to the creation of a healthy cryptocurrency ecosystem.”
According to the representatives of the exchange, the number of fraudulent schemes connected with cryptocurrencies is continuously growing. However, thanks to the new exchange system, it has already been possible to identify 20 schemes. The trading platform reported to law enforcement agencies.
According to Hankook Media, the program will be working until March 2019, after that the administration of Upbit will consider the decision to extend the period of its validity.
A reward of 1 million won (about $ 930) from crypto-birgis will be paid to witnesses or victims of fraudulent schemes that provided relevant information before the rest. You can report the illegal scheme in the Upbit application by selecting the option of consulting via Kakao Talk.